‘Study the impact of Covid-19 on Accounting & Audit services’
11 Aug 2020 09:46:51
Business Bureau :
The Nagpur Branch of WIRC of ICAI recently conducted a Virtual Continuing Professional Education (CPE) Meet on “Impact of Covid-19 on Accounting & Audit Services” in association with Akola and Amaravati branches of the Western India Regional Council of ICAI. CA Amarjit Chopra, Past President ICAI, New Delhi, along with CA Archana Bhutani from New Delhi guided the professionals over the impact of Covid-19, on books of accounts and audit services.
CA Chopra said that the impact of Covid-19 on Accounting and Audit Services need to be effectively understood. He highlighted that the auditor should understand the business of the auditee thoroughly and both internal and external information about the auditee should be considered during such times. CA Bhutani in addition to discussing the aforementioned areas of accounting and how to go further with auditing and testing of controls covered the other areas such as – Revenue Recognition with reference to Ind AS-115, Concept of fair value, force majeure clause, litigations on account of force majeure clause, estimates and budgets, disclaimers that an auditor can give, concessions in heads of expenses like rents, discounts, professional skepticism, management assumptions, industry outlook, credit risk, etc, In his key note address, CA Lalit Bajaj, Chairman, WIRC of ICAI, shared the initiatives being taken at Western India Regional Council of the ICAI for the sake of serving the members and students of CA Fraternity.
He congratulated CA Kirit Kalyani, Chairman Nagpur Branch of WIRC, and his team for working relentlessly, even in these testing times for the purpose of serving the cause of profession. CA Kalyani, in his welcome address, recognized the gracious and inspirational presence of CA Chopra and CA Bhutani. CA Akshay Gulhane, WICASA Chairman, coordinated the session and question and answer session. CA Jiten Saglani, Secretary of the Nagpur Branch, proposed the formal vote of thanks. Chairman of co-host branches CA. Jalaj Baheti (Akola), CA Vipul Patel (Amravati) and others were present on the occasion.